Xiyin-W (00625.HK) slid more than 5%; shares fell below HK$30, versus IPO price HK$48.56, leaving the stock down over 38% since listing.

The Yemeni government has accused the Houthi rebels, with the assistance of the Iranian Revolutionary Guard, of modifying Iranian air defense weapons into loitering cruise missiles. It warned that these missiles reportedly employ heat-tracking systems, and their actual capabilities could pose a threat to civilian air traffic over Yemen and the Red Sea region. Has the Houthis modified Iranian weapons systems? Eleonora Aldemani, a senior researcher at the Italian Institute for International Political Studies (ISPI), stated that while there is currently no conclusive evidence that the Houthis modified Iranian air defense systems, a series of indications suggest that this possibility cannot be ruled out. She noted that the Houthis have long demonstrated battlefield innovation capabilities. Research shows that the Houthis do not directly obtain missiles assembled by Iran, but rather assemble them themselves after obtaining Iranian-sourced components, thus possessing a strong weapons integration capability. In July of this year, several media outlets, including Reuters, reported that an Iranian Mahan Air flight bound for Sana'a, the Yemeni capital controlled by the Houthis, carried commanders of the Iranian Islamic Revolutionary Guard Corps, military advisors, and weapons. Al-Demani stated that the flight eventually landed in the Houthi-controlled Hodeidah province, from which the Yemeni government claimed the Houthis may have launched cruise missiles. Brigadier General Mohammed Qomaim, a Yemeni military analyst, stated that the Houthis are no longer limited to using Iranian ballistic missiles and drones, but have begun employing advanced air defense technologies based on the "loitering" concept. These missiles can remain airborne for up to 25 minutes and track their flight path by detecting target heat signatures. Yemeni military and strategic expert Ali Dahab stated that such loitering munitions pose a "persistent threat" to moving aerial targets and could potentially limit military aviation activities. Furthermore, the artificial intelligence company Anthropic discovered a weapons development group in northern Yemen allegedly linked to the Houthis. This group reportedly used Claude AI to develop guidance, navigation, and control software for guided rocket and missile projects.

Hong Kong biotech stocks active: CanSino Biologics (06185.HK) rose over 10%, Laikai Medical (02105.HK) rose over 3%, and Ruibo Biotech (006938.HK) and Yunding Xinyao (01952.HK) rose over 2%.